Trade of the Day: AUD/NZD

By: Dima Chernovolov

AUD/NZD continues to rise inside the 15-minute Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 9-bar level – which is the result of the sharp Initial Trend (10 bars), strong Uniformity (8 bars) and near-maximum Clarity (9 bars). AUD/NZD is expected to rise further inside this Down Channel.

As can be seen from the daily AUD/NZD chart below – the pair earlier reversed up from the support area located between the long-term support level 1.0540 (former monthly low from February) and the lower daily Bollinger band. The proximity of this support zone adds to the probability AUD/NZD will continue to rise inside this Up Channel.